The rundown: Bitcoin and all major cryptocurrencies – except EOS – were down in the morning; Bitcoin denominated hedge fund Gelfman Blueprint and its CEO face an over $2.5 million fine for a purported Bitcoin Ponzi scheme; Bermuda approves its first initial coin offering; The Israeli Blockchain Association has released its third Israeli Blockchain Startup Map; Cryptocurrency service platform COBINHOOD has launched Margin Trading; California-based auto-tech firm LotBlok to launch a blockchain-based car sales platform; and more.
Here is what is happening in the cryptocurrency market on Friday.
In the News
A New York federal court has ordered Bitcoin denominated hedge fund Gelfman Blueprint and its CEO Nicholas Gelfman to pay over $2.5 million in fines for a fraudulent Bitcoin Ponzi scheme. The court found that Gelfman and the fund operated the Ponzi scheme from 2014 through January 2016 and fraudulently solicited more than $600,000 from at least 80 customers.
The Bermudan government has approved the first initial coin offering (ICO) under the new crypto and blockchain regulations in the territory, local newspaper the Royal Gazette reported. The Minister of National Security Wayne Gaines, according to the paper, announced that Uulala was granted a certification by the government for the offering.
Venezuela has granted permission to six cryptocurrency exchanges to sell its national cryptocurrency, the Petro. The approved exchanges are Cave Blockchain, Bancar, Cryptia, Amberes Coin, Afx Trade, and Criptolago.
The Israeli Blockchain Association has released its third Israeli Blockchain Startup Map, which covers more than 200 startups operating in the blockchain industry. Most Israeli blockchain startups are concentrated in the Fintech (57 companies) and Protocols/ Core Infrastructure (37 companies) sectors, the map shows. Whereas, a large increase was seen in the Security sector, which accounts for 23 startups. It is also worth mentioning that since the beginning of the year, 20 blockchain startups have ceased operations.
NXT-ID (NASDAQ: NXTD) said that it has formed a strategic alliance with blockchain technology company QubeChain to develop a blockchain-based technology solutions within the healthcare, payments and other strategic markets. The companies plan to jointly offer technology products and solutions to their customer bases and collaborate to pursue new market opportunities, according to a press statement.
Cryptocurrency service platform COBINHOOD has launched Margin Trading on its platform. Starting October 19, users will be able to trade BTC/USDT, ETH/USDT, ETH/BTC, and COB/ETH more than they are currently able to.
EQIBank, the world’s first licensed and regulated bank for national currencies, crypto and digital assets, has announced that it expects to secure €50bn in custody assets by July 2019 and hold €10bn under deposit by the end of 2019. Founded by former HSBC, Credit Suisse, Bank of New York and UBS bankers, EQIBank lets customers manage traditional and crypto assets within a single banking relationship for the first time. This is why EQIBank is currently working with four of the top ten largest cryptocurrency exchanges in the world to open accounts in December.
California-based auto-tech company LotBlok plans to launch a blockchain-based car sales platform this coming January. The new platform allow “cheaper, easier, and faster car sales for everyone,” according to the company.
Cryptocurrency Prices Today (As of 9:30 AM EST)
Bitcoin (BTC) is down 1.30% over the past 24 hours, trading at $6,477.53.
Ethereum (ETH) is trading at $203.21 in the morning, down 1.87% over a 24-hour period.
EOS is trading at $5.41, down 2.52% over the past 24 hours.
Ripple (XRP) is trading at $0.4571, down 2.97% over a 24-hour period.
Litecoin (LTC) is trading at $52.93, down 0.30% over a 24-hour period.
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